Homework and Trade Sheet Friday May 10th

May 10, 2019

Friday tends to be the narrowest range of the week.  Overnight action was subdued after the expected tariff increase.  Friday morning:  Dax has formed in inside range trading day so far.  The SPs remain in a downtrending channel and the negative seasonals can weigh on the market for a few more weeks.

Only Wheat has a TP reading below 50, which shows how much volatility every market has had this week.

Bonds and Gold have three bar triangle overlap.

36.25 was yesterday’s low and remains the downside level for a test at some point….if not today, then next week.